Polkadot (DOT) Price Pumps on Tether News, Breakout Looking Likely

Polkadot (DOT) could validate a long-term bullish pattern with a breakout from a short-term descending wedge. The post Polkadot (DOT) Price Pumps on Tether News, Breakout Looking Likely appeared first on BeInCrypto.

Timeline of Polkadot-new, Tether

The market capitalisation of all digital assets, including cryptocurrencies, surpassed $3 trillion in November of last year. Many ordinary people received double-digit or even triple-digit profits on their investments in 2022.  Since then, though, several cryptocurrencies have suffered losses. Coins and the blockchain technology that supports them continue to attract a lot of attention.

Polkadot, which had a high development activity for quite some time, saw a decline in the same recently. Along with that, there has also been a dip in DOT's social media presence as well.

Polkadot price analysis indicates that the DOT/USD pair is currently trading at $6.25 and is maintaining a bearish trend. The bears are currently in control of the market and are likely to push the price down to $6.24 in the near term if the current trend continues.

Polkadot [DOT]‘s Twitter news handle, Polkadot Insider, posted an interesting update on 23 September 2022. As per the update, development activity contributors performance on the network in the last seven days witnessed an upward trend.

Polkadot price analysis for today shows that the cryptocurrency has seen a bullish breakout from a symmetrical triangle pattern. The breakout from the triangle pattern has occurred after a period of consolidation below the $6.25 support level.

The price of Polkadot (DOT) is in a downtrend and has fallen to the lower price level of $5.98. This support is the historical price level from July 13 and has not been broken yet.

The launch of Tether tokens (abbreviated as (‘USDT') on Polkadot, a decentralized, open-source blockchain framework, was recently announced by Tether Operations Limited (from now on, referred to as ‘Tether'). Tether is the firm that operates the blockchain-enabled network tether.

From 16:00 on Sept. 23 to 15:59 on Sept. 27 (UTC), the cryptocurrency trading platform MEXC will hold the latest event on its launchpad. The event project is Zalmoxis (KOSON), a AAA-level massively multiplayer online role-playing game (MMORPG) game developed by Wenmoon Studios Ltd.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. USDT Dominance is a metric of the share of the crypto market cap held by USDT.

Tether is now live on 15 different blockchain networks, according to the company's latest announcement on Friday as the firm detailed that it is now supported by the Polkadot blockchain system. The stablecoin's new support follows the token being added to the Near Protocol 11 days ago.